Saudi-based Kingdom Holding Co plans to build the world's tallest tower as part of a project worth 75 billion riyals ($20 billion) in the city of Jeddah, a newspaper report said on Thursday.   

Alsharq Al-Awsat newspaper, citing Kingdom's chairman Prince Alwaleed bin Talal, said the company will officially announce the project at a press conference in three weeks.   

The skyscraper will be at the centre of the mixed-use project, which will stretch over 3.5 million square metres of land, the newspaper added.   

It also said Kingdom Holding plans another development in the capital city of Riyadh with an estimated investment value of 25 billion riyals. It will include a park, a hotel and other entertainment elements, as well as 10,000 residential units.   

Kingdom Holding, the investment firm of the Saudi billionaire prince, posted a 52.6 percent rise in third-quarter earnings on Monday, driven by higher investment returns.

Kingdom, 95-percent owned by Prince Alwaleed, has minority stakes in some of the world's top companies the most valuable of which is Citigroup.

The world's tallest building at present is Dubai's 828-metre Burj Khalifa, developed by Emaar Properties.- Reuters